FBR Capital Maintains an 'Outperform' on Concur Technologies (CNQR); Healthy Travel Data Bodes Well for Concur
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Price: $128.78 --0%
Rating Summary:
2 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital maintains an 'Outperform' on Concur Technologies (NASDAQ: CNQR), PT $58.
FBR analyst says, "Since Concur’s revenues are tied to corporate travel and the associated expense reports, we believe employment, travel, and hotel trends all provide insight into the direction and health of the company’s business. The travel data released from American Express last night suggests the growth of business travel remained healthy in 1Q11. Corporate travel sales year-over-year growth accelerated to the 20% level despite a tough year-ago comparable. Airline transaction growth remained at healthy double-digit levels and travel and entertainment volume growth accelerated. The AmEx travel data bodes well for Concur’s F2Q11 (March) results, which will be reported on May 3. Based on the AmEx travel data, we expect Concur to deliver slight upside to the Street’s expectations. We reiterate our thesis that Concur is a multiyear growth story benefiting from a strengthening core business and meaningful growth opportunities (international expansion and SMB) that we believe will drive revenue acceleration."
For more ratings news on Concur Technologies click here and for the rating history of Concur Technologies click here.
Shares of Concur Technologies closed at $54.58 yesterday.
FBR analyst says, "Since Concur’s revenues are tied to corporate travel and the associated expense reports, we believe employment, travel, and hotel trends all provide insight into the direction and health of the company’s business. The travel data released from American Express last night suggests the growth of business travel remained healthy in 1Q11. Corporate travel sales year-over-year growth accelerated to the 20% level despite a tough year-ago comparable. Airline transaction growth remained at healthy double-digit levels and travel and entertainment volume growth accelerated. The AmEx travel data bodes well for Concur’s F2Q11 (March) results, which will be reported on May 3. Based on the AmEx travel data, we expect Concur to deliver slight upside to the Street’s expectations. We reiterate our thesis that Concur is a multiyear growth story benefiting from a strengthening core business and meaningful growth opportunities (international expansion and SMB) that we believe will drive revenue acceleration."
For more ratings news on Concur Technologies click here and for the rating history of Concur Technologies click here.
Shares of Concur Technologies closed at $54.58 yesterday.
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